First National Corp MA ADV has reduced its stake in Costco Wholesale Corporation (NASDAQ: COST) by 23.4% during the third quarter, as revealed in its latest Form 13F filing with the Securities and Exchange Commission. The institutional investor now owns 2,793 shares of the retailer’s stock after selling 851 shares during the reporting period. As of the most recent filing, First National Corp’s holdings in Costco were valued at approximately $2,562,000.
This decision reflects broader trends among institutional investors, many of whom have adjusted their positions in Costco in recent months. For instance, Soundwatch Capital LLC significantly increased its stake in Costco by an impressive 635.7% in the second quarter, now holding 2,553 shares valued at $25,000 after acquiring an additional 2,206 shares. Similarly, LFA Lugano Financial Advisors SA entered a new position in Costco worth approximately $31,000.
Further adjustments were made by Financial Connections Group Inc., which boosted its Costco holdings by 975.0%, now owning 43 shares valued at $42,000. Frazier Financial Advisors LLC raised its stake by 72.0% to also hold 43 shares worth $43,000. Additionally, Marquette Asset Management LLC increased its holdings by a staggering 2,200.0%, now owning 46 shares valued at $43,000 after buying an extra 44 shares.
Currently, institutional investors and hedge funds collectively own 68.48% of Costco’s stock.
Costco’s Current Market Performance
As of Thursday, December 14, 2023, Costco’s stock opened at $950.98. The company has a market capitalization of $422.11 billion and a P/E ratio of 50.94. The retailer’s 50-day moving average price stands at $893.22, while the 200-day moving average is $930.64. Costco’s stock has experienced a twelve-month low of $844.06 and a high of $1,078.23.
In its most recent earnings report released on December 11, 2023, Costco reported earnings of $4.34 per share, exceeding analysts’ expectations of $4.27 by $0.07. The company’s revenue reached $67.31 billion for the quarter, surpassing the anticipated $67.03 billion. Year-over-year, Costco’s revenue showed an increase of 8.3%, compared to $4.04 earnings per share during the same quarter last year. Analysts project Costco will post an EPS of 18.03 for the current year.
Recent Insider Transactions
In related news, insider transactions have raised eyebrows among investors. On January 9, 2024, EVP Russell D. Miller sold 1,500 shares at an average price of $916.32, amounting to a total of $1,374,480.00. Post-transaction, Miller owns 8,240 shares valued at approximately $7,550,476.80, representing a 15.40% decline in ownership. Similarly, insider Tiffany Marie Barbre sold 1,239 shares on October 24, 2023, for approximately $1,157,994.18, decreasing her ownership by 19.38%.
Over the last quarter, insiders have sold a total of 10,446 shares valued at $9,549,528, with only 0.10% of the stock currently owned by company insiders.
Market analysts continue to monitor Costco closely, with a mix of sentiments surrounding the company’s stock. Recent reports highlight positive trends including accelerated sales in December and strong digital performance. Analysts from Jefferies Financial Group have reiterated a “buy” rating, while others have adjusted their price targets. HSBC lowered its price objective from $1,060.00 to $1,045.00, maintaining a “hold” rating.
As Costco navigates these changes, the market remains watchful of its upcoming performance and the implications of insider transactions on investor sentiment.
